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Google is your friend :D

google said:
You've heard about it and you are looking for a short sale definition. Everybody's talking about the newest way to prevent foreclosure, but not everybody understands exactly what it is.

A real estate short sale is when a third party or homeowner negotiates a discount on the payoff amount due to a mortgage company.

This happens when a homeowner owes more money to banks and/or lien holders than what the property can currently sell. In order to sell a property that is "upside down" in equity, the bank must agree to accept less than what is currently owed on the property.

This typically is done for a homeowner who is behind on mortgage payments and facing foreclosure. It is best when a homeowner is 90 days late (sometimes less) on their mortgage and has no alternative to settle up and not enough equity to sell fast.

Short sales can also be done as an exit strategy for a homeowner who is not delinquent but just staying afloat and anticipating a delinquency. It can be more difficult when a homeowner is not behind on payments, but as of recently banks are taking the potential for a default into consideration.
 

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Discussion Starter · #4 ·
Ah, thank you. I could have done that myself if I had thought of it, and it does explain a lot. Some of the really cheap houses are in such a state decoratively that no agent in this country would touch them I shouldn't think. One of them had the swimming pool half filled in, no heating, no air con, no nothing really. But it was only $14,000!
 

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Ah, thank you. I could have done that myself if I had thought of it, and it does explain a lot. Some of the really cheap houses are in such a state decoratively that no agent in this country would touch them I shouldn't think. One of them had the swimming pool half filled in, no heating, no air con, no nothing really. But it was only $14,000!
Offer $10k I am sure the lender will be glad of anything :thumbup1:
 

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Discussion Starter · #7 ·
Offer $10k I am sure the lender will be glad of anything :thumbup1:
I would if I had the funds to do it up. What's that, about £9,000 for a three bedroomed house with a pool.

Forum whip round for a holiday home for members?
:D
Actually that's not a bad idea. Even the houses that are not in disrepair are less than £100,000.
 
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